TIDMALBA
RNS Number : 4444U
Alba Mineral Resources PLC
28 March 2023
Alba Mineral Resources Plc / EPIC: ALBA / Market: AIM / Sector:
Mining
28 March 2023
Alba Mineral Resources Plc
("Alba" or the "Company")
Horse Hill Update
Alba Mineral Resources plc (AIM: ALBA) notes the announcement
today by UK Oil & Gas Plc ("UKOG"), as majority shareholder of
Horse Hill Developments Limited (the Operator of the Horse Hill Oil
Project in the Weald Basin in southern England) in relation to the
Horse Hill Oil Project in which Alba owns an 11.765% effective
interest.
The announcement relates to the entering into of a conditional
binding term sheet ("Term Sheet") with LSE main board listed
Pennpetro Energy plc ("PPP") in relation to a farm-in by PPP to the
Horse Hill Oil Field ("Horse Hill") on an incremental production
basis via funding the acquisition of 3D seismic and the drilling of
the next infill production well.
The summary of the Term Sheet provided by UKOG in its
announcement includes the following statements:
-- PPP to fund 100% of a new crestal infill production well,
designated Horse Hill-3 ("HH-3"), to be spudded after the
completion of a PPP 100% funded 12 square km high-definition 3D
seismic survey (the "Farmout Programme"), subject to an aggregate
cap of GBP4.6 million.
-- Upon Farmout Programme completion, PPP will earn a 49% share
of any oil production from HH-3. PPP will also earn an aggregate
49% non-operated Licences interest, comprised of an initial 7% on
3D seismic completion and a further 42% interest upon HH-3
completion.
-- UKOG and HHDL will retain 100% ownership and rights to all
oil production and revenues from Horse Hill-1 ("HH-1").
-- The assignment of the aggregate 49% Licences interest to PPP
is subject to PPP providing the necessary funds to drill HH-3 and
complete the Farmout Programme within six-months from the
completion of the 3D seismic which is at its discretion.
-- The farmout to PPP is subject to the completion of a formal
Farmout Agreement between the Parties, formal consent by each
Parties' respective boards, the full consent of all HHDL's
shareholders and regulatory consent from the North Sea Transition
Authority for any Licences interest assignment.
-- Planning and environmental consents remain in place for a
further 4 production wells at Horse Hill.
-- 3D seismic acquisition is currently targeted for H2 2023.
Alba notes the above statement that the proposed transaction is
subject to the satisfaction of a number of conditions, including
the full consent of all HHDL's shareholders. Alba looks forward to
discussing the proposed transaction with UKOG and Doriemus, the
other shareholders in HHDL, and considering the merits of the
proposed transaction for Alba and its shareholders.
Further material updates will be provided as and when they
become available.
ENDS
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the timing and granting of
regulatory and other third party consents and approvals,
uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of
unexpected events.
Actual results achieved may vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors.
**ENDS**
For further information, please visit
www.albamineralresources.com or contact:
Alba Mineral Resources Plc
George Frangeskides, Executive Chairman +44 20 3950 0725
SPARK Advisory Partners Limited (Nomad)
Neil Baldwin / Andrew Emmott +44 20 3368 3555
OvalX (Broker)
Thomas Smith +44 20 7392 1494
St Brides Partners (Financial PR)
Isabel de Salis / Catherine Leftley alba@stbridespartners.co.uk
Alba's Projects and Investments
Mining Projects Operated Location Ownership
by Alba
Clogau (gold) Wales 100%
----------- ----------
Dolgellau Gold Exploration
(gold) Wales 100%
----------- ----------
Gwynfynydd (gold) Wales 100%
----------- ----------
Investments Held by Alba Location Ownership
----------- ----------
GreenRoc Mining Plc (mining) Greenland 44.7%
----------- ----------
Horse Hill (oil) England 11.765%
----------- ----------
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END
UPDKZGZFVRLGFZG
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